There are 3 significant trend lines converging here and I find that btc tends to go reverse at these points. The yellow dotted line is the legacy and the purple is the 3 year down trend from the ath. Then we have the short term rising channel, which is actually a bearish pattern. Smashing through this level would indicate the powerful bull run.
I hope the chart is clear but we could be setting up for a major move down if this plays out.
The last (bullish) bump and run pattern played out nicely and reached the target. The same play is now setting up for the downside...
Hitting the 12 k would complete the 3 waves of the X wave which could lead Bitcoin to a massive brutal crash for wave Y all the way down to 2k levels.
The final wave of a WXY correction is often the fastest so it could easily be the next way bitcoin does the unexpected...
This fractal is setting up for a third time. The proceeding bounce has resulted in explosive move to the upside. On the daily there was a clear bull
div on each of the previous fractals indicating that an easy entry may present itself.
As you can see on the weekly chart fib, we have reached the .618 retrace of the crash and do not need to rise much further. A safe entry would
be waiting for a bear div at the top of the wedge or a test of the .618 fib level at 7800.
